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    Gold Price Forecast: XAU/USD will see a resurgence of investor interest – ING

    Source Fxstreet
    Mar 4, 2024 07:26

    Investment demand for Gold is yet to rebound. Economists at ING expect more investors’ interest as US interest rates fall.

    ETF holdings continue to fall

    Total holdings in bullion-backed ETFs have continued to decline. January saw eight monthly outflows in global gold ETFs, led by North American funds. This was equivalent to a 51-tonne reduction in global holdings to 3,175 tonnes by the end of January, as shown by data from the World Gold Council. This trend has continued in February.

    Meanwhile, net long positions on the COMEX declined in January, with further declines seen in February as hopes for an early rate cut faded and the Dollar strengthened.

    Looking further ahead, however, we believe we will see a resurgence of investor interest in the precious metal and a return to net inflows given higher Gold prices as US interest rates fall.

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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